San Antonio Express-News (Sunday)
Why you should consider a career in construction
A career in construction is more than just wearing a hard hat and steeltoed boots. The industry is filled with talented and creative individuals who have the opportunity to help build homes that strengthen communities. Not only does a career in the residential construction industry provide a sense of personal achievement, it also provides many practical benefits such as strong earning potential, job security and opportunities for advancement.
All those who are looking for a career change, seeking an alternative to a 4-year college degree or are simply interested in a new challenge should strongly consider a career in construction.
A variety of jobs for every skill level are available
Occupations such as carpentry, plumbers and HVAC technicians are in high demand. These types of jobs require individuals who have skills such as being detail-oriented and active problemsolvers who enjoy troubleshooting a range of challenges. A popular career field that is often overlooked is the many jobs available in construction management. Construction managers plan, coordinate, budget and supervise construction projects from inception to completion. Most construction manager’s work out of a field office located at the construction site but some work in a more traditional office setting. The average salary for a construction manager is $66,000 with the top 25% earning at least $76,000.
Skilled trades offer individuals high earning potential
Individuals entering the residential construction industry have the potential to earn a great salary. The top 25% in most construction trades professions earn at least $60,000 to $70,000 annually. And you don’t need to follow the traditional college path to get there. The gender pay gap is also smaller in the construction trades. On average, women in the United States earn 80 cents for every dollar a man earns. Women in the construction industry earn 97 cents for every dollar a man earns. And average salaries in San Antonio remain competitive with other industries in our area. For example, brick masons, plasters, stucco masons and insulation workers can earn over $50,000 a year and Construction and Building
Inspectors can earn over $80,000 annually. Wage information specific to Texas for the construction trades can be found at https://www.nahb.org/newsand-economics/housing-economics/ state-and-local-data/state-wage-andworkforce-demand-data.
Training opportunities and scholarships are widely available
There are many resources available to help individuals get started in a career in the trades. The Greater San Antonio Builders Association (GSABA) can connect students to mentors, apprentice programs or other job training programs locally. The National Housing Endowment, in partnership with the Home Builders Institute and home builders’ associations across the country offers scholarships to students interested in pursuing a career in the building industry.
GSABA has two National Association of Home Builders (NAHB) Student Chapters that are actively involved with the Association-one at St. Philip’s College where they have one- and twoyear associate degree programs and one at the University of Texas at San Antonio where they have a four-year degree in construction science. GSABA also has an Education Foundation and awards scholarships to students in need of financial support each semester.
The demand for construction workers is at an all-time high. For more information about careers in construction, please visit GSABA’s website at www.sabuilders.com or NAHB’s website at www.nahb.org.
Sincerely, Ed Berlanga, President
surviving spouses. You’re eligible to apply for a VA loan if:
• You are on active duty and have served 90 continuous days.
• You are a veteran who meets length-ofservice requirements, which generally are 90 days in wartime and 181 days in peacetime.
• You completed 90 days of active-duty service or six creditable years in the Selected Reserve or National Guard.
• You are the surviving spouse of a veteran who died while in service or from a service-connected disability and you have not remarried. Or you remarried after age 57 or Dec. 16, 2003. Spouses of service members missing in action or prisoners of war are also eligible.
• You may still qualify even if you don’t meet the length-of-service requirements in some cases, such as being discharged for a serviceconnected disability. Check with the VA for details.
• You may not be eligible if you received an “other than honorable,” bad conduct or dishonorable discharge, although you can apply with the VA to upgrade your discharge status.
How to apply for a VA loan
You can apply for a VA loan through a bank, mortgage company or credit union that offers them. The process is similar to applying for other types of mortgages — you supply employment, income and other financial information, and the lender decides whether you qualify.
One unique item you’ll need is a VA certificate of eligibility. The certificate of eligibility is a document from the Department of Veterans Affairs that shows you meet the service requirements for a VA loan. You can request the document through the VA, or ask a VA mortgage lender to get the certificate of eligibility for you.
VA loan qualifications: credit, debt and income
Lenders will review your credit, debt and income to decide whether you qualify and to determine the interest rates they will offer.
Credit requirements
The VA doesn’t set a minimum credit score to qualify for a loan. But VA mortgage lenders can set their own minimum standards for FICO credit scores, which are typically in the low- to mid-600s.
Lenders will also look at your credit report, particularly your history of making timely payments.
DTI for VA loan
The VA prefers a debt-to-income ratio, or DTI, of no more than 41%. But borrowers with higher DTI ratios can get approved if they have enough “residual income,” another factor lenders consider when reviewing mortgage applications. Residual income is the money left to cover basic living expenses, such as food and clothing, after paying debts, housing and other obligations.
VA loan down payment requirements
Under most circumstances, VA loans don’t require a minimum down payment. However, if the purchase price of the home is greater than its appraised value, you may have to make up at least a portion of the difference.
And if you are subject to VA loan limits and the home price exceeds the county loan limit, then a down payment will be required.
If you’re buying in a competitive market where buyers outnumber home sellers, you may need a down payment just to get your foot in the door. A bidding situation will require a deposit for the seller, and as a portion of your down payment, it shows you are a serious buyer.
An advantage of putting some money down is it will likely reduce the VA funding fee.
VA loan property requirements
The home you want to buy must meet the VA’s minimum property requirements. The standards ensure that homes financed by VA loans are safe, structurally sound and sanitary.
After you’re under contract to buy a home, the lender will hire a VA-approved appraiser to estimate the home’s market value and make sure it meets the minimum property requirements. A VA appraisal may also be required when refinancing a VA loan.
Eligibility for other VA loans and grants
The VA also offers housing grants for veterans and service members with service-connected disabilities and home loans for Native Americans.
Disability housing grants
This program offers three grants to help veterans and service members with service-connected disabilities buy or modify a home to meet their needs.
The Specially Adapted Housing grant is for a home you own or will buy. The Special Housing Adaptation grant can be for a home you or a family member own or will buy. The Temporary Residence Adaptation grant is for a family member’s home where you’re temporarily living. You must have a qualifying service-connected disability to be eligible for any of the grants.
You can apply online through the benefits portal on the VA website or download VA Form 26-4555 and send it to your nearest regional loan center.